5 stocks to watch in October

After a busy summer of company results, the FTSE 100 is riding high. October is a quieter month in the corporate calendar - but there are still some big names to watch out for. 

This article is not a recommendation to buy or sell an investment; it is purely insight into some of the companies that announce results over the next month. 

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Tesco

Half-year results: Thursday 8 October

Tesco has transformed over the past decade. In 2015, its earnings cratered after an accounting scandal, growth problems, and an ill-fated foray into the US, and it was forced to suspend its dividend. Since then, it has rebuilt its profit margins, brought back its dividend, offloaded businesses, and more than doubled its share price. 

The supermarket now has twice the market share of Sainsbury’s - its closest rival - and over 4,000 UK stores. There are reports that more change could be underway, with Tesco looking to sell its European business, but this has not been confirmed.

Its latest trading update in June was upbeat. Like-for-like sales edged up by 1%, despite very strong comparators, and the company reiterated its forecasts for the full year. It thinks adjusted operating profit will be between £3bn and £3.3bn, against last year’s £3.15bn.¹ 

Tesco has been tapping into new trends. For example, it has been selling more ready-to-drink cocktails and high protein products. It has also endeavoured to keep prices down, extending its Aldi Price Match to over 2,000 Express stores in the quarter. This chimes with the behaviour of other retailers. Marks & Spencer, for example, has been expanding its ‘Remarksable value’ range. 

The impact of inflation is a concern, both on Tesco’s own supply chain and on customer shopping habits. However, as analysts at Morningstar point out, “larger grocers like Tesco and discounters are cushioned against downcycles as customers trade down toward more budget-friendly options”.

Tesco will publish interim results on 8 October which will tell us more about its progress. J Sainsbury will report a couple of weeks later, which should shed even more light on the consumer backdrop.  

• More on Tesco

Bellway 

Full-year results: Tuesday 13 October

After years of high interest rates, low demand from buyers, cost inflation and planning hold-ups, housebuilders finally have some good news. The government has announced a scheme called “Your First Home”, which will provide first-time buyers who put down a 2.5% deposit with a 20% equity loan to help them onto the property ladder. The loan will initially be interest-free and it will only apply to new-build homes. 

The scheme was announced during the Labour conference in Liverpool and sent shares in housebuilders higher. After all, they have been desperate for measures to stimulate demand since Help to Buy closed in 2022.

It has otherwise been a tough year for Bellway, one of the UK’s biggest residential property developers. In June, Bellway described an “increasingly challenging market” and said customer demand had moderated in April and May in response to rising mortgage rates.² Rates have increased further since then. 

However, the FTSE 250 company said it was still on track to achieve underlying operating profit of £320m-£330m. This compares with profits of £304m the previous year. We will find out whether its predictions were correct when it publishes annual results on 13 October. 

Looking ahead, analysts at Morningstar are hopeful that Bellway “can capitalise on the government’s pledge to expand homeownership and address the housing crisis”. There are a lot of unknowns, however - most notably around the path of interest rates, which could slow down a housing market recovery.

• More on Bellway

Whitbread 

Half-year results: Friday 16 October

Premier Inn-owner Whitbread is in the grip of a turnaround plan. It wants to become a pure-play hotel business, meaning it is offloading its branded restaurants and selling properties - and cutting 3,800 jobs in the process. It hopes this will unlock £2bn of free cash flow for shareholders by 2031.

A big challenge for Whitbread - indeed, all hotel groups - is demand. Premier Inn UK has been outperforming the wider market, but revenue still dipped in financial year 2025. This was blamed on ‘softer UK market demand’ - particularly for weekend trips to London. Business rates are also hurting profits.

This financial year seems to have got off to a stronger start. Total sales edged up by 2% to £727m and bookings are ahead of last year, helped by stronger leisure demand. The German business reported particularly strong growth due to new hotel openings. 

However, analysts at Panmure Liberum said 2026-2027 is likely to become “another transition year”, due to the restaurant conversion programme, one-off costs in Germany and the impact of the Middle East conflict. 

There has been unease among Whitbread shareholders too. Activist investor Corvex Management has been targeting Whitbread and, in September, called for a seat on the board. Corvex said the board’s recent strategy review “failed to address Whitbread’s underlying challenges and was poorly received by the market”.

• More on Whitbread

Barclays

Third-quarter update: Thursday 22 October 

Market conditions have boosted Barclays this year. In the first half of 2026, its income jumped by 11% to £16.5bn. This allowed it to increase shareholder payouts to £2.3bn, up 61% year-on-year.³

The investment bank was the standout performer, with income rising by a fifth. Market volatility turbocharged its trading business, as heightened activity encouraged clients to buy and sell more. Barclays is unusual among European banks in having retained a large investment banking operation capable of competing with US rivals.

Meanwhile, the more familiar UK high street business grew income by 7%. It was helped by Barclays’ “structural hedge”, a mechanism designed to smooth the impact of changing interest rates on the bank’s earnings.

However, some investors were disappointed. “Overall, although Barclays delivered an optically good performance this was mostly driven by the investment bank, so the business mix is rather unfavourable with notable misses,” analysts at Kepler Cheuvreux concluded. 

There was plenty to smile about though. In its half year results, Barclays nudged up its income target for the full year to £31.5bn. This would represent growth of 8% versus last year.

• More on Barclays

Airtel Africa 

Half-year results: Friday 30 October

Airtel Africa is one of the lesser-known members of the FTSE 100. It is a telecoms giant that provides Sub-Saharan Africa with broadband, mobile networks and online money services. It has been growing fast - and for a good reason. There is huge unmet demand for digital infrastructure in the region, while smartphone ownership and data consumption is rising. 

The company is majority-owned by the Indian telecommunications multinational Bharti Airtel. More recently, it has been making headlines because of plans to float its mobile money business in London, providing a welcome boost to the capital’s subdued IPO market. 

Reports suggest existing shareholders could sell around $800m of shares, potentially valuing the business at between $8bn and $9bn. 

Airtel African itself has been making good progress. It reported a big uptick in customers in the first quarter of its financial year, as well as double-digit revenue and profit growth. Investors will want to see whether this momentum continues - and whether the Airtel Money flotation helps unlock more value from one of its fastest-growing businesses.⁴

• More on Airtel Africa

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Source:

¹ Tesco Q1 Trading Statement 2026

² Bellway Trading Update, 9 June 2026

³ Barclays Interim Results, 30 June 2026

⁴ Airtel Africa Results, 30 June 2026

Important information - investors should note that the views expressed may no longer be current and may have already been acted upon. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Reference to specific securities should not be construed as a recommendation to buy or sell these securities and is included for the purposes of illustration only. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice.